The Finance/ Business/ Money Thread

[JS96]

Globalization and its New Discontents | by Joseph E. Stiglitz - Project Syndicate

Joseph E. Stiglitz explains why neoliberalism's chickens are now coming home – to Europe and the US – to roost.

www.project-syndicate.org

 

[Muz]

Globalization and its New Discontents | by Joseph E. Stiglitz - Project Syndicate

Joseph E. Stiglitz explains why neoliberalism's chickens are now coming home – to Europe and the US – to roost.

www.project-syndicate.org

Did you read this bit?

But they can’t have it both ways: if globalization is to benefit most members of society, strong social-protection measures must be in place. The Scandinavians figured this out long ago; it was part of the social contract that maintained an open society – open to globalization and changes in technology. Neoliberals elsewhere have not – and now, in elections in the US and Europe, they are having their comeuppance.


Maybe this is what we want.

You know what we have instead? Globalisation written for the rich by the rich and to benefit the rich. A government should look after business and do all it can to encourage it but not at the expense of it's citizens.

Imagine if we collected as much in royalties as Norway does. They have a $2 trillion sovereign wealth fund. Can you imagine the stuff we could have, how cheap services would be, how much could be funded if we taxed these fuckers properly?

BUT Rudd tried a super profits tax and what happened? The mining lobby spent a $100 million on an ad campaign and the bootlicking Coalition fell in line with a massive scare campaign and kyboshed it.

You think the left is off in fairy land when in reality they (me) have been banging on about this shit for decades.

You do understand that Norway is a prime example government intervention into the market? (A 'lefty' ideal.)

 

[Muz]

 

[JS96]

Did you read this bit?

But they can’t have it both ways: if globalization is to benefit most members of society, strong social-protection measures must be in place. The Scandinavians figured this out long ago; it was part of the social contract that maintained an open society – open to globalization and changes in technology. Neoliberals elsewhere have not – and now, in elections in the US and Europe, they are having their comeuppance.


Maybe this is what we want.

You know what we have instead? Globalisation written for the rich by the rich and to benefit the rich. A government should look after business and do all it can to encourage it but not at the expense of it's citizens.

Imagine if we collected as much in royalties as Norway does. They have a $2 trillion sovereign wealth fund. Can you imagine the stuff we could have, how cheap services would be, how much could be funded if we taxed these fuckers properly?

BUT Rudd tried a super profits tax and what happened? The mining lobby spent a $100 million on an ad campaign and the bootlicking Coalition fell in line with a massive scare campaign and kyboshed it.

You think the left is off in fairy land when in reality they (me) have been banging on about this shit for decades.

You do understand that Norway is a prime example government intervention into the market? (A 'lefty' ideal.)

A reposted this as it was 10 years ago when it came out.

Basically we should have the social protections should something go wrong but also the solid system instill confidence to aim high in life. Should things not work out or mental illness occur, there are provisions in place to address that comfortably to get back on track.

Most countries is a matter of good luck with that when things go wrong and people are staring into oblivion. No wonder they're worried or stressed.

 

[vo2Max]

but also the solid system instill confidence to aim high in life.

Progessives struggle with this concept.

 

[Lupi]

 

[JS96]

Progessives struggle with this concept.

That's the feeling I get. Too many people saying stuff should just be given and provided. The German welfare state has crumbled to some lazy system where checks and follow through isn't done.

Can you blame them though? The fact that every single job here requires formal training rather than learning on the job means people go through a system for a few years to learn the most rudimentary stuff to then be listed as a 'specialist' only then to end up in a role that's minimum wage.

Of course they'll need to build themselves up and improve but not everybody does or or can. Hairdressers for example have such tough conditions and a full welfare recipient gets rent, heating and other stuff covered in full up front while the hairdresser works 160+ hours a month to have maybe 35€ more in total after expenses.

 

[JS96]

Ugh. Something has to be done but curb immigration and building would go a long way. What's stopping these builds just sitting empty being owned by rich foreign investors? Something like 48% of London apartments are empty owned by foreign investment portfolios.

The numbers are interesting. 377k new homes over 5 years. Firstly, such numbers rarely come to fruition. Germany planned to build hundreds of thousands but fell massively short. I mean, if they get it done, well done but it'll hardly solve many issues such as traffic, overcrowding and will only draw more people to those areas. 377k over 5 years when broken down doesn't seem like much either.

My last building in Hannover had 12 flats and only 3 people in there as the new owner wanted to have it empty to develop. Laws are much stricter and they can't throw people out unless they need to live there themselves or the building is crumbling so the owner chose the latter. Another issue is you have elderly people living in 150 square metre 4 bedroom places alone having raised a family there. Their rental contract is so old that is cheaper than a 30 square metre shoe box in most cities. Exchange programs with incentives have done little. If Germany can't favourably fix housing, like bloody hell Australia can unless there's absolute mass reform.

Also, I get but don't get the gripe with Strata. I know they're useless but the culture is interesting how Germans pay all the extra costs and rarely get annoyed about it. Perhaps the rules on charges is stricter and Aus Strata are greedy and it explodes.

 

[Lupi]

Australia never reforms anything it just follows worst practice from bigger failing countries overseas. Its been a vassal for too long its forgotten how to form its own policies that benefit Australians.

 

[TheSelectFew]

Australia never reforms anything it just follows worst practice from bigger failing countries overseas. Its been a vassal for too long its forgotten how to form its own policies that benefit Australians.

Which is America is NOT our biggest ally.

 

[TheSelectFew]

Invested in Real Estate, Super, Savings, Stocks.

I need advice on crypto; how, why and through whom?

 

[Muz]

Invested in Real Estate, Super, Savings, Stocks.

I need advice on crypto; how, why and through whom?

Bitcoin is going to a million.

Source 'trust me bro'.

Buuuuutttt I laughed when it dropped from $16k to $4k thinking it was a ponzi scheme.

 

[TheSelectFew]

Bitcoin is going to a million.

Source 'trust me bro'.

Buuuuutttt I laughed when it dropped from $16k to $4k thinking it was a ponzi scheme.

Is this legit or sarcasm?

Who do you invest through? I want an Australian based platform.

 

[Muz]

Is this legit or sarcasm?

Who do you invest through? I want an Australian based platform.

I don't invest in it. I'm too scared. The first line was direct from a bloke I know who had it when it was $16k. (He's still holding.)

The second line is a distillation of the 'reasons' why it will go to a million.

The 3rd line was from me.

 

[TheSelectFew]

I don't invest in it. I'm too scared. The first line was direct from a bloke I know who had it when it was $16k. (He's still holding.)

The second line is a distillation of the 'reasons' why it will go to a million.

The 3rd line was from me.

I'll HODL for now

 

[erogenouszone]

What's stopping these builds just sitting empty being owned by rich foreign investors?

In NSW at least a temporary law until 2027 has banned foreign investors purchasing property.

 

[Muz]

In NSW at least a temporary law until 2027 has banned foreign investors purchasing property.

And rightly so.

Greens have come out with a decent proposal for negative gearing. Grandfather it and get rid of it. (Well limit it to one property.)

I'm hoping there's a minority government so they can push this through.

 

[LFC]

In NSW at least a temporary law until 2027 has banned foreign investors purchasing property.

yep, stupidly long long long overdue this many moons ago.
No badge of honour here its like fixing a leaking tap after years and years but the damage was done so long before recovery is questionable and I ask why only till 20 bloody 7, why not forever.
I can't buy in China for starters.
The Australian government has announced a two-year ban on foreigners buying homes on the secondary market, starting this April until March 31, 2027.
foreign investors are generally prohibited from purchasing established dwellings in Australia, including temporary residents, with limited exceptions.

 

[Lupi]

I don't invest in it. I'm too scared. The first line was direct from a bloke I know who had it when it was $16k. (He's still holding.)

The second line is a distillation of the 'reasons' why it will go to a million.

The 3rd line was from me.

its $130k now champ.

 

[Muz]

its $130k now champ.

No shit Sherlock.